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French carmaker Renault “could disappear” if its $5.4 billion government bail out application is not approved, according to France’s finance minister Bruno Le Maire... Image Credit: Renault

If Renault does not secure financial assistance to help it through the COVID-19 pandemic, it could spell the end of the road for the 122-year-old French carmaker, according to Bruno Le Maire.

In a radio interview on Europe 1, the French government’s finance minister reportedly said “Renault could disappear”.

In France, sales were down 89 per cent last month, and for the year to date are now 48 per cent behind where they were at the same point in 2019.

The French government currently holds a 15 per cent stake in Renault and are considering a $5.4 billion loan to help the company through the COVID-19 crisis. If it doesn't get it, Le Maire is expecting the worst...

Reports out of Japan indicate that Renault’s alliance partner Nissan may have to lay off up to 20,000 employees, many of whom are located in Europe.